REG - Digitalbox PLC - Unaudited interim results
23/09/2025 07:00
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RNS Number : 3293A Digitalbox PLC 23 September 2025
23 September 2025
Digitalbox plc
("Digitalbox", the "Group" or the "Company")
Unaudited interim results for the six months ended 30 June 2025
Digitalbox plc (AIM: DBOX), the mobile-first digital media business, which
owns among others the leading websites Entertainment Daily, The Daily Mash,
The Tab, The Poke and TV Guide, today publishes its interim results for six
months to 30 June 2025 (the "First Half", the "Period", or "H1 2025").
Financial Highlights
H1 2025 H1 Var
2024
£m £m
Group revenue 1.8 1.6 +12%
Gross profit 1.5 1.4 +6%
Adjusted EBITDA* 0.3 0.2 +30%
Adjusted EBITDA* including New Product Development (NPD) 0.1 0.2 -42%
Cash generated from operations (0.2) 0.3 -151%
Gross cash balance 1.7 2.0 -16%
Net cash balance 1.6 1.8 -11%
Gross margin % 80% 84% -4% %p
Adjusted EBITDA* margin % 16% 14% +2% %p
Pence Pence Pence
EPS (0.14) 0.02 (0.06)
Cash at bank on 19 September 2025 was £1.7m, down 22% from 31 December 2024
predominantly due to NPD and acquisitions.
*Adjusted EBITDA is stated before depreciation, amortization of goodwill and
intangible assets, share-based payment charges, one-off costs and new product
development. In the prior year Adjusted EBITDA was stated before depreciation,
amortization of goodwill and intangible assets, share based payment charges
and one-off costs (as there were no new product development costs).
Operational Highlights
· Group revenue up 12% year on year
· 2.5x growth in on-platform revenue generation
· Total page views up 15% year on year
· TV Guide session volumes (traffic) up 25% year on year
· The Tab page views up 38% year on year
· The Daily Mash Premium content offering has over 4,600 paying
subscribers
· Media Chain (formerly Social Chain) assets acquisition costs
fully repaid after 18 months
· H1 Social Audience Reach over 700m
Outlook
H1 performance keeps the Group on course to meet full-year expectations.
Looking ahead, the Board is encouraged by the opportunities emerging in the
global media market amidst the structural changes driven by AI.
With positive first-half results, enhanced on-platform revenues, and a more
diverse portfolio of brands, the Group has demonstrated resilience and
scalability. The Board is confident that, with its combination of quality
audiences and premium advertising inventory, Digitalbox will outperform the
wider market and build further momentum into 2026.
James Carter, CEO, Digitalbox plc, said: "Our outperformance in the first
half evidences our strong operating model and our agility - essential factors
in navigating today's rapidly-evolving media landscape. This success is in
part due to the increased diversification of our monetisation model, new
products and the successful integration of acquisitions made in previous
years. We have seen good progress with our launches through performances ahead
of expectations on Royal Insider and Reality Shrine while we continue to build
a larger position in the UK entertainment market, led by TV Guide. The growing
strength of our direct consumer revenue model on the Daily Mash, alongside
R&D investments to create a more diverse business leaves us well set for
H2 2025 and FY2026 as we strengthen the Company's position."
Commenting on the Group's performance and prospects for the year, Chairman
Marcus Rich said: "This is a time of seismic change for media and it's very
encouraging to see Digitalbox exceeding expectations in the first half of the
year. The global ad market remains turbulent, and AI will create opportunities
and challenges in equal measure. We believe that compelling content
propositions that attract in-demand audiences will create value. As we move to
accelerate our growth, we continue to look for opportunities to expand around
our existing, proven model as well as identifying routes to complementary
diversification."
Certain information contained in this announcement would have constituted
inside information (as defined by Article 7 of Regulation (EU) No 596/2014)
("MAR") prior to its release as part of this announcement and is disclosed in
accordance with the Company's obligations under Article 17 of MAR.
Digitalbox c/o SEC Newgate
James Carter, CEO
Panmure Liberum (Financial Adviser, Nominated Adviser & Joint Broker) Tel: 020 7886 2500
James Sinclair-Ford / Izzy Anderson
Rupert Dearden / Rauf Munir
Leander Capital Partners (Joint Broker) Tel: 07786150915
Alex Davies
SEC Newgate (Financial PR) Tel: 07540 106 366
Robin Tozer / Molly Gretton digitalbox@secnewgate.co.uk
About Digitalbox plc
Digitalbox plc is a UK-based, pure-play digital media company focused on
delivering profitable publishing at scale, specifically optimised for mobile
platforms. The company operates a portfolio of high-performing, content-rich
brands that engage audiences through entertainment, satire, and youth culture.
Digitalbox owns and operates the following trading brands:
· Entertainment Daily - A leading source of UK entertainment news,
covering television, showbiz, and celebrity stories.
· The Daily Mash - A satirical news brand known for its humorous
take on current events and cultural commentary.
· The Tab - The UK's largest youth culture site, powered by
student journalists and contributors from universities across the country.
· The Poke - A curator of the internet's funniest content,
offering a sharp and witty editorial lens on viral trends and social media.
· TV Guide - A comprehensive digital destination for UK television
listings, schedules, and viewing recommendations.
· Emmerdale Insider - A niche brand dedicated to news, spoilers,
and fan content related to the long-running British soap opera Emmerdale.
· Royal Insider - A specialist outlet providing news, features,
and insights into the British Royal Family.
· Reality Shrine - A hub for fans of reality TV, covering shows,
personalities, and behind-the-scenes gossip.
· EastEnders Insider - A dedicated platform for fans
of EastEnders, delivering the latest news, spoilers, and features from Albert
Square.
Digitalbox generates revenue primarily through digital advertising, leveraging
its mobile-first strategy to deliver significantly higher revenue per session
than industry averages. Its proprietary technology and editorial expertise
enable it to scale content efficiently while maintaining strong audience
engagement.
InteriM Statement
Overview
The performance of the Group in the first six months has exceeded
expectations. Building on the Group's leading position in the entertainment
space, Digitalbox delivered significant audience volumes from established
brands and launched new sites to sow the seeds for future growth. With eight
operating brands (a ninth, EastEnders Insider launched post period), the Group
generated 12% growth in revenue over the six-month period to £1.8m.
Importantly, Digitalbox reports adjusted EBITDA of £0.29m which is ahead of
management expectations, and 30% up year on year. Despite the acquisition of
further assets and investment in R&D projects to explore additional growth
opportunities, the gross cash balance has remained robust at £1.6m at 30
June 2025.
Operating Review
The two main factors that drive the Group's revenue are the volume of traffic
and value of advertising. Volume is reflected through page traffic, and
therefore ad calls generated. This is complemented by value, driven by the
price paid by advertisers to reach these users during a visit (a "session").
The number of page impressions from the Group's websites increased 15% year on
year in H1 2025, due to a combination of factors including: organic growth on
The Tab following investment in increased editorial resource, a strong TV
Guide performance, and new launches with the introduction of the Group's new
Soap Opera portfolio.
In addition to the key drivers of traffic volume and value, the Group
significantly increased its in on-platform monetisation, where publishers
generate income from content produced within the 'walled gardens' of the major
platforms (eg; Facebook, YouTube, TikTok). Having recognised in 2023 that this
was going to become an increasingly important place for publishers to operate,
Digitalbox pivoted to service this opportunity in early 2024 and can now
report H1 2025 revenues at £403k compared to £161k for H1 2024. This
diversified source of revenue generation for the Group not only assists with
financial stability but also provides a growth opportunity as the reach of its
social assets grows. In H1 2025 Digitalbox recorded over 700m combined reach
across the six-month period, which was up c.30% year on year.
New launches have been complemented by an agile approach to acquisitions, with
The Life Network social page purchased from Media Chain in the first half of
the year. This page was acquired after a period of testing engagement with its
5.5m followers and has now been attached to the Royal Insider brand. This
approach to building value has already proved successful on Entertainment
Daily and the Tab, and the group also acquired two humour based pages, British
Banter and Funny Cards Against Humanity, which have been attached to The Daily
Mash and The Poke respectively.
The delivery of the Group's strategy has progressed year on year; H1 2025
represents the first period where all eight brands have been operating
concurrently and the Executive team remain alive to further opportunities that
may enable faster scaling of the business. This activity aligns with the
previously set out 'Verticals Strategy', publishing around round very specific
content areas that attract audiences that bring enhanced engagement. This has
led to some notable success through improved authority and ranking within both
Facebook and Google. As part of this expansion program, the Group has built a
new site template in H1 that will be rolled out across further properties in
H2.
Further acquisition opportunities will likely arise as a result of ongoing
market turbulence and the Group is ready to move quickly where it believes it
can identify a credible route to profitable operation as proven thus far.
Divisional Review
Due to the increase in the portfolio, we present a divisional review that is
consistent with our segmental analysis.
The Entertainment Group - which is focused on TV, showbusiness and royal news
- had a strong period owing to Entertainment Daily's continued impressive
levels of engagement within Facebook, TV Guide's traffic growth and a very
strong early performance from Royal Insider alongside the introduction of the
Group's new Soap portfolio. Page views across the group were up 7% up year on
year. Whilst Entertainment Daily's Google traffic has not returned to H1 2024
levels, this has been more than offset through growth of on-platform revenues.
There are further opportunities presented by TV Guide that warrant further
investment alongside its recent traffic success and work to build an
AI-assisted newsletter operation for Royal Insider has shown early promise.
The Humour Group - news satire and the best of the web humour - had a very
encouraging period. The Daily Mash saw its subscription model strengthen with
the 'Mash Premium' offering now having over 4,600 paying subscribers, driving
a 60% increase in subscription revenues year on year. Whilst The Poke had a
more challenging period from an audience perspective, session values grew from
£8.95 per 1000 sessions in H1 2024 to a company-leading average for H1 2025
of £11.23 per 1000 sessions. As detailed in the Operating Review, two further
acquired pages are being integrated with these brands to amplify their reach.
The Youth Group - delivering a mix of student news and entertainment content -
had an exciting six months. The Tab has continued to perform well following
investment at the back end of 2024; year on year session growth alongside over
61m page views for the period has been delivered. Becoming a youth filter for
mainstream news has been part of the brand's success and an area of further
focus for the future. The Youth Group also launched Reality Shrine following
the acquisition of the related assets and staff from GRV Media last November.
Early performance on this site has been strong within Facebook and it
continues to push for Google Discover exposure.
Financial review
The Directors are pleased to report growth in revenues with a year-on-year
uplift of 12% to £1.8 million, driven by the additional sessions from
launches, organic growth and diversification of revenue streams. Gross margins
are robust at 80%, down slightly from 84% last period as a result of new
product development. The operating loss of £0.2m for H1 2025 (being an
increase from £0.0m in H1 2024) is due to the accelerated investment in new
product development for 'verticals strategy' launches previously announced
resulting from the strategic review. The extent of this investment has been
disclosed and adjusted for in Adjusted EBITDA to provide additional
information about the underlying performance of the Group from organic
activity rather than acquisitions, where the investment is more likely to be
capitalised.
With adjusted EBITDA margin up to 16% from 14% in H1 2024, the underlying
performance of the group is strong while the Group continues to make good
progress with investments in new product development and extracting value from
social media asset acquisitions. Investments in long term growth of
acquisitions and new product development of £0.4m have resulted in a
reduction of cash reserves to £1.7m (from £2.1m at 31(st) December 2024).
Otherwise working capital management remains strong. Cash reserves are held to
support the Group's stated strategy to grow through further organic growth and
acquisitions.
Outlook
H1 performance keeps the Group on course to meet full-year expectations.
Looking ahead, the Board is encouraged by the opportunities emerging in the
global media market amidst the structural changes driven by AI. While the
Board remains attentive to the evolving search landscape and wider
macroeconomic conditions, the Company's strategy is clear: to deliver strong
results today while laying the foundations for future growth. Industry
evolution brings challenges, but it also creates fresh opportunities where
agile operators such as Digitalbox can thrive. The major platforms are
reshaping their approaches and Digitalbox's proven ability to adapt quickly,
positions it well to capture value from these shifts.
With positive first-half results, enhanced on-platform revenues, and a more
diverse portfolio of brands, the Group has demonstrated resilience and
scalability. The Board is confident that, with its combination of quality
audiences and premium advertising inventory, Digitalbox will outperform the
wider market and build further momentum into 2026.
INTERIM CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Notes Six months to Six months to 12 months to
30 June 25 30 June 24 31 December 24
£'000 £'000 £'000
Revenue 1,826 1,630 3,645
Cost of sales (371) (256) (551)
__________ __________ __________
Gross profit 1,455 1,374 3,094
Administrative expenses (1,672) (1,382) (3,172)
__________ __________ __________
Operating loss (217) (8) (78)
Adjusted EBITDA(1) 289 222 624
Depreciation (3) (7) (28)
Amortisation (207) (181) (387)
Share based payment charge (41) (42) (94)
New product development (160) - (79)
One-off restructuring costs (95)
Costs in relation to one-off projects - - (114)
__________ __________ __________
Operating loss (217) (8) (78)
Finance income 20 31 57
Finance costs (1) (3) (4)
_________ _________ __________
(Loss)/profit before taxation and attributable to equity holders of the parent (198) 20 (25)
Taxation 35 (2) (41)
__________ __________ __________
(LOSS)/PROFIT AND TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD (163) 18 (66)
============= ============= =============
All profits and losses arise from continuing operations.
There was no comprehensive income for the period to 30 June 2025 (2024: £NIL)
(1)Adjusted EBITDA is defined as Operating loss after adding back
depreciation, amortization of goodwill and intangible assets, share based
payment charges, one-off costs and new product development. In the prior year
Adjusted EBITDA was stated before depreciation, amortization of goodwill and
intangible assets, share based payment charges and one-off costs (as there
were no new product development costs).
Earnings/(loss) per share 4
Pence Pence Pence
Basic EPS from continuing operations (0.14) 0.02 (0.06)
__________ __________ __________
Diluted EPS from continuing operations (0.14) 0.02 (0.06)
__________ __________ __________
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2025
Share Capital Share Premium reserve Share based payment reserve Retained earnings Total
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 1,179 11,169 188 (5,142) 7,394
Total comprehensive income for the period - - - 18 18
Share based payment charge - - 42 - 42
Reserve transfer for lapsed options - - (42) 42 -
_____ _____ _____ _____ _____
Balance at 30 June 2024 1,179 11,169 188 (5,082) 7,454
Loss after tax - - - (66) (66)
Share based payment charge - - 52 - 52
Share capital reduction (11,169) 11,619 -
Reserve transfer for lapsed options - - (65) 65 -
_____ _____ _____ _____ _____
Balance at 31 December 2024 1,179 - 175 6,068 7,422
Total comprehensive income for the period - - - (163) (163)
Share based payment charge - - 41 - 41
Reserve transfer for lapsed options - - (42) 42 -
_____ _____ _____ _____ _____
Balance at 30 June 2025 1,179 - 174 5,947 7,300
_____ _____ _____ _____ _____
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2025
Unaudited Unaudited Audited
Notes 30 June 25 30 June 24 31 December 24
£'000 £'000 £'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 5 19 37 22
Intangible assets 6 4,418 4,440 4,372
Deferred tax asset 541 592 506
______ ______ _______
TOTAL NON-CURRENT ASSETS 4,978 5,069 4,900
______ ______ _______
CURRENT ASSETS
Trade and other receivables 1,041 605 1,102
Corporation tax recoverable - 33 -
Cash and cash equivalents 1,653 1,967 2,109
______ ______ _______
TOTAL CURRENT ASSETS 2,694 2,605 3,211
______ ______ _______
TOTAL ASSETS 7,672 7,674 8,111
______ ______ _______
LIABILITIES
CURRENT LIABILITIES
Trade and other payables (334) (70) (595)
Bank loans (38) (113) (94)
_______ _______ ________
TOTAL CURRENT LIABILITIES (372) (183) (689)
NON-CURRENT LIABILITIES
Bank loans - (37) -
_______ _______ ________
TOTAL NON-CURRENT LIABILITIES - (37) -
_______ _______ ________
TOTAL LIABILITIES (372) (220) (689)
_______ _______ ________
_______ _______ ________
TOTAL NET ASSETS 7,300 7,454 7,422
_______ _______ ________
CAPITAL AND RESERVES
ATTRIBUTABLE TO EQUITY SHAREHOLDERS
Issued share capital 7 1,179 1,179 1,179
Share premium account - 11,169 -
Share based payment reserve 174 188 175
Retained earnings 5,947 (5,082) 6,068
_______ _______ ________
7,300 7,454 7,422
_______ _______ ________
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Six months to Six months to Period to
30 June 25 30 June 24 31 December 24
£'000 £'000 £'000
OPERATING ACTIVITIES
(Loss)/profit from ordinary activities (163) 18 (66)
Adjustments for:
Income tax (credit)/expense
(35) 2 41
Share based payment charge 41 42 94
Amortisation of intangibles 207 181 387
Depreciation on property plant and equipment 3 7 28
Loss on disposal of property, plant and equipment - 2 -
Finance costs 1 3 4
Finance income (20) (31) (57)
_____ _____ _____
Cash flows from operating activities before changes in working capital 34 224 431
Decrease / (increase) in trade and other receivables 61 261 (236)
(Decrease) / increase in trade and other payables (261) (158) 367
_____ _____ _____
Cash (used in) / generated by operations (166) 327 562
Taxes refunded - - 80
_____ _____ _____
Cash (used in) / generated by operating activities (166) 327 642
_____ _____ _____
INVESTING ACTIVITIES
Purchase of property, plant and equipment - - (3)
Purchase of intangible assets (253) (27) (166)
Interest received 20 31 57
Payment of deferred consideration - (181) (181)
_____ _____ _____
Cash used in investing activities (233) (177) (293)
_____ _____ _____
FINANCING ACTIVITIES
Finance costs (1) - (4)
Loan and lease repayments (56) (58) (111)
Bank overdraft - (38) (38)
_____ _____ _____
Cash used in financing activities (57) (96) (153)
--------------- --------------- ---------------
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (456) 54 196
Cash and cash equivalents at beginning of the period 2,109 1,913 1,913
_____ _____ _____
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 1,653 1,967 2,109
_____ _____ _____
Represented by:
Cash at bank and in hand 1,653 1,967 2,109
NOTES TO THE INTERIM REPORT
for the six months ended 30 June 2025
1. Corporate information
The interim consolidated financial statements of the group for the period
ended 30 June 2025 were authorised for issue in accordance with a resolution
of the directors on 22 September 2025. Digitalbox plc ("the company") is a
Public Limited Company listed on AIM, incorporated in England and Wales. The
interim consolidated financial statements do not comprise statutory accounts
within the meaning of section 434 of the Companies Act 2006.
2. Statement of Accounting policies
2.1 Basis of Preparation
The entities consolidated in the half year financial statements of the company
for the six months to 30 June 2025 comprise the company and its subsidiaries
(together referred to as "the group").
The interim consolidated financial statements do not include all the
information and disclosures required in the annual financial statements.
The directors are satisfied that, at the time of approving the consolidated
interim financial statements, it is appropriate to adopt a going concern basis
of accounting and in accordance with the recognition and measurement
principles of International Financial Reporting Standards adopted for use in
the United Kingdom ("IFRS"). In reaching this conclusion the directors have
considered the financial position of the Group, its cash, liquidity position
and borrowing facilities together with its forecasts and projections for a
period in excess of 12 months from the date of approval. At the reporting date
the Group had £1,653k of cash at bank and in hand providing a strong position
to support the continued and future success of the Group.
2.2 Accounting Policies
The principal accounting policies adopted in the preparation of the financial
statements are set out below. The policies have been consistently applied to
all the years presented, unless otherwise stated.
The interim results announcement has been prepared in accordance with
International Financial Reporting Standards ("IFRS"), International Accounting
Standards and Interpretations issued by the International Accounting Standards
Board as adopted by the United Kingdom ("IFRSs") and with those parts of the
Companies Act 2006 applicable to companies preparing their accounts under
IFRSs. The consolidated financial statements have been prepared under the
historical cost convention.
The preparation of these consolidated half year financial statements requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from these
estimates in preparing these consolidated half year financial statements.
3. Segment Information
The Group's primary reporting format for segment information is business
segments which reflect the management reporting structure in the Group and of
its core media assets. The Entertainment segment incudes Entertainment Daily,
TV Guide and soap-based vertical launches; Humour includes The Mash and The
Poke; and Youth includes The Tab and Reality Shine.
Unaudited six months to 30 June 2025
Entertainment Humour Youth Head Office Total
Six months to 30 June 2025
£'000 £'000 £'000 £'000 £'000
Revenue 1,018 263 545 - 1,826
Cost of sales (238) (72) (61) - (371)
Adjusted Admin expenses (323) (125) (294) (424) (1,166)
---------------- ---------------- ---------------- ---------------- --------------------
Adjusted EBITDA* 457 66 190 (424) 289
Amortisation and depreciation (102) (22) (70) (16) (210)
Share based payment charge - - - (41) (41)
New product development (99) - (44) (17) (160)
Costs in relation to one-off projects - - - (95) (95)
Finance income - - - 20 20
Finance costs - - - (1) (1)
Tax - - - 35 35
---------------- ---------------- ---------------- ---------------- --------------------
Profit/(loss) for the period 256 44 76 (539) (163)
---------------- ---------------- ---------------- ---------------- --------------------
Unaudited six months to 30 June 2024 (re-stated**)
Entertainment Humour Youth Head Office Total
Six months to 30 June 2024
£'000 £'000 £'000 £'000 £'000
Revenue 972 214 444 - 1,630
Cost of sales (132) (84) (40) - (256)
Adjusted Admin expenses (302) (118) (219) (513) (1,152)
---------------- ---------------- ---------------- ---------------- --------------------
Adjusted EBITDA* 538 12 185 (513) 222
Amortisation and depreciation (35) (16) (60) (77) (188)
Share based payment charge - - - (42) (42)
Finance income - - - 31 31
Finance costs - - - (3) (3)
Tax - - - (2) (2)
---------------- ---------------- ---------------- ---------------- --------------------
Profit/(loss) for the period 503 (4) 125 (606) 18
---------------- ---------------- ---------------- ---------------- --------------------
12 months to 31 December 2024 (re-stated**)
Entertainment Humour Youth Head Office Total
Year to 31 December 2024
£'000 £'000 £'000 £'000 £'000
Revenue 1,949 527 1,169 - 3,645
Cost of sales (302) (147) (102) - (551)
Admin expenses (590) (250) (431) (1,199) (2,470)
---------------- ---------------- ----------------- ---------------- --------------------
Adjusted EBITDA* 1,057 130 636 (1,199) 624
Amortisation, depreciation and impairment (227) (72) (88) (28) (415)
Costs in relation to one off projects - - - (114) (114)
Share based payment charge - - - (94) (94)
New product development - - - (79) (79)
Finance income - - - 57 57
Finance costs - - - (4) (4)
Tax - - - (41) (41)
---------------- ---------------- ----------------- ---------------- --------------------
Profit/(loss) for the period 830 58 548 (1,502) (66)
---------------- ---------------- ----------------- ---------------- --------------------
* Adjusted EBITDA is defined as Operating loss after adding back depreciation,
amortization of goodwill and intangible assets, share based payment charges,
one-off costs and new product development. In the prior year Adjusted EBITDA
was stated before depreciation, amortization of goodwill and intangible
assets, share based payment charges and one-off costs (as there were no new
product development costs).
** The segments used by management to monitor performance of the business have
been re-designated, and consequently the comparative data has been restated
under the new reporting segments.
External revenue by location of customer
Six months to 30 June 2025 Six months to 30 June 2024 Year to 31 December 2024
£'000 £'000 £'000
United Kingdom 499 505 1,359
Europe 1,002 698 999
Rest of World 326 427 1,287
________ ________ ________
Total 1,826 1,630 3,645
________ ________ ________
3. Earnings per share
The calculation of the group basic and diluted loss per ordinary share is
based on the following data:
Unaudited Unaudited Audited
Six months to Six months to 12 months to
30 June 25 30 June 24 31 December 24
£'000 £'000 £'000
The earnings per share is based on the following:
Continuing earnings/(losses) after tax attributable to shareholders (163) 18 (66)
========== ========== ==========
No No No
Basic Weighted average number of shares 117,923,393 117,923,393 117,923,393
Diluted Weighted average number of shares 118,675,643 118,475,243 118,491,107
========== ========== ==========
pence pence pence
Basic earnings per share (0.14) 0.02 (0.06)
Diluted earnings per share (0.14) 0.02 (0.06)
========== ========== ==========
Earnings per ordinary share has been calculated using the weighted average
number of shares in issue during the relevant financial periods. IAS 33
requires presentation of diluted EPS when a company could be called upon to
issue shares that would decrease earnings per share or increase the loss per
share. The exercise price of the outstanding share options is significantly
more than the average and closing share price. Therefore, as per IAS 33 the
potential ordinary shares which could arise from exercised share options are
disregarded in the calculation of diluted EPS.
5. Tangible Assets
Office equipment
£'000
Cost
At 1 January 2025 and at 30 June 2025 69
Depreciation
At 1 January 2025 47
Charge for the period 3
_____
At 30 June 2025 50
_____
Net book value
30 June 2025 19
_____
31 December 2024 22
_____
6. Intangible Assets
Goodwill arising on consolidation Other Intangible Assets Development costs Total
£'000 £'000 £'000 £'000
Cost
At 1 January 2025 9,610 2,685 518 12,813
Additions - 220 30 250
_____ _____ _____ _____
At 30 June 2025 9,610 2,905 548 13,063
Amortisation & impairment
At 1 January 2025 6,662 1,468 310 8,440
Charge for the period - 152 55 207
_____ _____ _____ _____
At 30 June 2025 6,662 1,620 365 8,647
_____ _____ _____ _____
Net book value
30 June 2025 2,948 1,285 183 4,416
_____ _____ _____ _____
31 December 2024 2,948 1,217 207 4,372
_____ _____ _____ _____
The other intangible assets (including brands and trademarks) are being
amortised over a period of between 3 and 7 years and development costs are
being amortised over 3 years on completion of the project.
Amortisation is charged to administrative costs in the Statement of
Comprehensive Income.
7. Share capital
Allotted, issued and fully paid No. Value
£'000
Ordinary shares of 0.01p each 117,923,393 1,179
--------------------------- -------------------------
Total 117,923,393 1,179
============= ============
There were no shares issued in the 6 months to 30 June 2025 (6
months to 30 June 2024: nil).
8. Related party transactions
During the prior period, Integral 2 Limited was a related party by virtue of
David Joseph, a member of key management personnel until his resignation on 31
December 2024, having control over the entity. The amounts charged by Integral
2 Limited to the Group whilst it was a related party are disclosed as follows:
6 months to 30 June 2024: £32k, 12 months to 31 December 2024: £68k. As at
30 June 2024, £7k (31 December 2024: £8k) was owed to Integral 2 Limited.
During the period, £6k was paid to Link Stone Advisory Limited (12 months to
31 December 2024: £21k), a company related by virtue of Richard Spilsbury
having control over the entity. At 30 June 2025 £nil (31 December 2024:
£10k) was owed to Link Stone Advisory Limited.
The key management personnel are considered to be the Board of Directors. Key
management were remunerated £234k in the period ended 30 June 2025 (6 months
to 30 June 2024: £228k, 12 months to 31 December 2024: £662k).
The key management personnel have been provided with a total of 1,363,916
effective share options resulting in a charge of £30k in the period (6 months
to June 2024: £28k, 12 months to 31 December 2024: £61k).
9. Seasonality
The Group's activities are not subject to significant seasonal variation
outside the normal parameters of a consumer media business.
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